Spencer to be nominated for Navy secretary

President Trump will reportedly nominate a former Marine to serve as the next Navy secretary after his first pick withdrew because of his business ties.

Richard V. Spencer served as a Marine aviator from 1976 until 1981, when he left the service as a captain, according to USNI News. He lives in Wyoming and is the managing director of Fall Creek Management.

Spencer was appointed in December to act as an executive adviser to the chief of naval operations, including providing the Navy’s top admiral advice on how to reach out to leaders in the commercial technology field, the USNI News report says.

Spencer will need to be confirmed by the full Senate.

According to a biography on Bloomberg, which first reported the news of the nomination, Spencer worked on Wall Street for 15 years before becoming president of Crossroads Investment Management, and later went on to become vice chairman and chief financial officer of Intercontinental Exchange.

His reported nomination comes after Trump’s first pick to lead the service, Philip Bilden, withdrew from consideration late last month over concerns that his overseas financial holdings did not conform with government ethics standards.